Results for "lawsuits"

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Supreme Court review of SEC judges could roil pending cases

January 16, 2018

A Supreme Court case on the Securities and Exchange Commission's use of internal judges could put into limbo more than 100 pending enforcement actions but may not end the agency's ability to adjudicate such matters on its home court. On Jan....

Supreme Court to review appointment of SEC's in-house judges

January 12, 2018

The U.S. Supreme Court will decide whether the Securities and Exchange Commission's in-house judges were appointed in violation of the Constitution, agreeing to hear a case that could upend administrative hearing systems across the federal government....

Legislation would make it harder for investors to sue mutual funds over high fees

January 17, 2018

[Update: On Jan. 18, the House Financial Services Committee approved the Mutual Fund Litigation Reform Act, 31-25.] Legislation that would make it more difficult for investors to sue mutual fund companies for excessive fees was poised to advance...

Why 401(k) advisers should be aware of contractual language limitations

January 18, 2018

As counsel for investment managers and investment advisers, we endeavor to draft documents precisely, making clear the obligations of our clients and seeking to limit their exposures to the extent permissible by the Employee Retirement Income...

Lawsuits push 401(k) plan sponsors to cut fees

January 18, 2018

Employers are moving to reduce their 401(k) plan costs in greater numbers, largely in an attempt to avoid the fate of peers who've been sued for allegedly excessive fees in their defined-contribution plans, new research suggests. "[Fee pressure]...

Morgan Stanley and adviser win lawsuit over annuity distribution

January 8, 2018

Morgan Stanley has prevailed in a lawsuit alleging the company and one of its advisers acted negligently when it told clients to take a particular type of annuity distribution, which cost the clients nearly $300,000 in tax liabilities. While...

In rare move, investment adviser named as defendant in NYU retirement plan case

January 16, 2018

In an unusual turn of events, the investment adviser to New York University's retirement plan has been named as a co-defendant in litigation attacking the plan's allegedly excessive fees. Plaintiffs contend the adviser, Cammack LaRhette Advisors,...

Ex-Smith Barney broker who needed new heart in fight with Morgan Stanley over clients

December 19, 2017

When Douglas Garban left Salomon Smith Barney in 2003 with a debilitating heart condition that ultimately led to a heart transplant, he claims he had an agreement with a fellow broker who took over his book of business that they would split...

Industry opponents urge appeals court to rule on DOL fiduciary rule

December 11, 2017

Financial industry opponents of the Labor Department's fiduciary rule are urging an appeals court to rule on their case, despite the fact that major parts of the regulation won't be implemented until 2019. In a Dec. 8 letter to the U.S. Court...

Excessive-fee litigation in retirement plan market moving downstream

November 22, 2017

A series of civil actions filed against the sponsors of 403(b) plans last summer named as defendants several large universities, including the Massachusetts Institute of Technology, Yale, New York University, Duke, Vanderbilt, University of...

Allianz agrees to settle 401(k) fee lawsuit for $12 million

January 2, 2018

Allianz has agreed to pay $12 million to settle a lawsuit alleging it peppered its company 401(k) plan with dozens of high-cost, in-house funds. Participants in the 401(k) plan originally brought the suit, Urakhchin v. Allianz Asset Management...

How to balance marketing and compliance

December 1, 2017

As InvestmentNews noted in its Sept. 14 article, the Securities and Exchange Commission issued a risk alert based on the results of a 2016 exam (The Touting Initiative) that focused on common marketing and compliance missteps. The findings prompt...

UBS broker-protocol exit shows independent channel is bleeding wirehouses of advisers

November 27, 2017

UBS Wealth Management America's decision to leave an industry agreement known as the protocol for broker recruiting is a clear indication that the large wirehouse firms are losing more brokers through attrition than they are gaining from recruiting,...

Camardas: None of the 70,000 CFPs are entitled to their day in court

July 28, 2015

We think it paramount at this juncture to point out that this decision was not at all about the merits of our case or the fairness of the CFP Board's rules. The court decided the entire case by accepting the CFP Board's case law on voluntary...

CFP Board: Judge's ruling validates our rights to protect the public

July 28, 2015

The recent court ruling to dismiss the lawsuit filed against Certified Financial Planner Board of Standards Inc. by Jeffrey and Kimberly Camarda marks a significant victory for the CFP certification, CFP professionals and, most importantly,...

Broker says she was fired for raising red flag about a wealthy client

November 1, 2017

More than eight years after she was fired from JPMorgan Chase & Co.'s private wealth management group, Jennifer Sharkey told jurors the experience was "like your whole life is taken away from you." Sharkey testified at her trial in Manhattan...

TIAA may be pushing unsuitable products, whistleblowers say

October 23, 2017

This story has been updated to include a statement from TIAA. In attempts to become more like other financial powerhouses, the retirement-plan giant TIAA might be violating its fiduciary duty by pushing customers into unsuitable products that...

J.P. Morgan settles lawsuit on alleged fiduciary breach in stable value funds

November 8, 2017

An ERISA class-action lawsuit against J.P. Morgan Chase alleging a breach of fiduciary duty in its stable value fund by a class of participants has been settled for $75 million, a court document announcing the agreed settlement shows. The settlement...

Judge grants injunction against DOL fiduciary rule in Thrivent lawsuit, halts case

November 6, 2017

A Minnesota federal judge has issued a preliminary injunction against the Labor Department's fiduciary rule, but also has granted a stay in the case. In a Nov. 3 decision, U.S. District Judge Susan Richard Nelson held that Thrivent Financial...

Bridgewater founder defends co-CEO Greg Jensen as a 'man of high character'

November 7, 2017

Ray Dalio, Bridgewater Associates' founder, defended top executive Greg Jensen from allegations of a personal relationship with a female employee, saying he's a "man of high character." Dalio said in a statement issued Tuesday that "I would...

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